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British Airways owner IAG swerved the worst of the stocks rout gripping markets after offsetting the damage from surging fuel prices with higher ticket prices. The airline sector’s shares have crash-landed in recent months amid mounting fears over rallying oil prices and a no-deal Brexit bringing chaos to the skies over Europe.

But the FTSE 100 giant shrugged off a 13.5pc spike in fuel costs in the first nine months of the year after a 1.3pc climb in passenger revenue. Operating profit nudged ahead of City estimates at €1.46bn (£1.3bn).

IAG is “doing some pretty impressive work on underlying operating improvements” and is “managing to fill more seats on its planes while also getting a benefit...